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Billionaire Eike Batista

It seems like Eike Batista's love affair with the stock market is on the rocks. The Brazilian popstar billionaire, who came in as the world's seventh richest person on the Forbes list of the World's Billionaires back in March, with an estimated $30 billion net worth, has since lost more than 50% of his wealth.

Worth $14.5 billion as of this morning, according to Forbes' calculations, Batista--whose aim is to dethrone Mexico's Carlos Slim as the world's richest man--is no longer among the 10 richest people on earth. In fact, based on that figure, he would have ranked at only number 46 back in March. At this point, with the stock sinking further since the market opened, it is even uncertain if he is the richest person in his own country.

Although banker Joseph Safra, the second richest man in Brazil as of Forbes' last official account, has also lost money due to the Brazilian Real currency devaluation in the past few months, he didn't shed his fortune in the same proportion as Batista. Safra, who placed as the runner up in Brazil's billionaires ranking and the world's 52nd richest in March, with a $13.8 billion net worth, is now a $12.6 billion man--a drop of roughly 8.7%.

That was enough for him to cede his number two ranking in Brazil to beer baron Jorge Paulo Lemann, who could be the Joker on this occasion. Worth $12 billion in March, Lemann made headlines recently thanks to the sale of a 29% stake in Burger King, of which he is one of the largest shareholders, for $1.4 billion. The deal valued the company at $4.83 billion, a 20.75% pop up from the $4 billion paid by Lemann and his other billionaire partners for the burger chain nearly two years ago, helping increase his net worth by at least $1 billion to $13 billion.

But why has Batista lost so much money in such a short period of time?

By selling dreams that are taking too long to become reality, that is. The cream of the crop of his commodity empire, OGX Petróleo & Gás Participações SA, lost 25% of its value just this Wednesday, after cutting production targets at its first two oil wells by as much as 75%. Batista's mining, logistics and shipbuilding companies, some of which are completely dependent on OGX for revenue, will scale back targets as well.

"We believe the low level of production regarding the expectations on OGX puts into question all the assumptions behind the company's growth program," says a report released by Bank of America Merrill Lynch, which downgraded OGX's stock from 'neutral' to 'underperform.' "We see this as a great disappointment that will probably have a longer effect on the assessments made about OGX."

In another report by JPMorgan, OGX is said to be in the midst of "great uncertainty over its technically recoverable oil resources," and the company's stock could lose up to 70% of its value, according to the bank.

OGX has been addressing analysts and investors directly since yesterday, saying it has enough cash to continue fulfilling their business plans. In the meantime, some critics are already describing Batista as the world's first 'one-bubble-man.'

A bubble that could be about to explode, as OGX’s shares continue to drop in Brazil’s stock market, down more than 5% so far today in IBOVESPA.